Core Viewpoint - The stock performance of Industrial Securities has shown fluctuations, with a recent decline in share price and mixed trading activity, while the company has reported significant revenue and profit growth year-on-year [1][2]. Group 1: Stock Performance - On January 7, Industrial Securities' stock price decreased by 2.06%, reaching 7.61 yuan per share, with a trading volume of 782 million yuan and a turnover rate of 1.18%, resulting in a total market capitalization of 65.72 billion yuan [1]. - Year-to-date, the stock price has increased by 2.56%, with a 1.60% rise over the last five trading days, a 0.52% decline over the last 20 days, and a 16.54% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Industrial Securities achieved an operating income of 9.277 billion yuan, representing a year-on-year growth of 5.30%, and a net profit attributable to shareholders of 2.521 billion yuan, which is a significant increase of 90.98% year-on-year [2]. Group 3: Shareholder Information - As of October 31, the number of shareholders of Industrial Securities was 198,300, a decrease of 4.35% from the previous period, with an average of 43,550 circulating shares per shareholder, which is an increase of 4.55% [2]. - Cumulative cash dividends since the A-share listing amount to 11.122 billion yuan, with 3.541 billion yuan distributed over the last three years [3]. - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation, holding 214 million shares, and Hong Kong Central Clearing Limited, holding 180 million shares, which saw a decrease of 146 million shares compared to the previous period [3].

Core Viewpoint - The stock of Industrial Securities has experienced fluctuations, with a recent decline of 2.09%, while the company shows a year-to-date increase of 22.59% in stock price, indicating a mixed performance in the market [1]. Group 1: Stock Performance - As of December 29, Industrial Securities' stock price is reported at 7.49 CNY per share, with a total market capitalization of 646.84 billion CNY [1]. - The stock has seen a year-to-date increase of 22.59%, with a 2.46% rise over the last five trading days, 9.99% over the last 20 days, and 19.08% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Industrial Securities achieved an operating income of 9.277 billion CNY, reflecting a year-on-year growth of 5.30%, and a net profit attributable to shareholders of 2.521 billion CNY, which is a significant increase of 90.98% year-on-year [2]. Group 3: Shareholder Information - As of October 31, the number of shareholders for Industrial Securities is reported at 198,300, a decrease of 4.35% from the previous period, while the average number of circulating shares per person has increased by 4.55% to 43,550 shares [2]. - The company has distributed a total of 11.122 billion CNY in dividends since its A-share listing, with 3.541 billion CNY distributed in the last three years [3]. - The top ten circulating shareholders include significant entities such as China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].

消息面上，新东方-S此前发布截至2025年8月31日止第一季度业绩，2026财年第一季度的净营收同比上 升6.1%至15.23亿美元。2026财年第一季度的经营利润同比上升6.0%至3.11亿美元。2026财年第一季度 的新东方股东应占净利润同比下跌1.9%至2.41亿美元。海通国际表示，新东方-S在2025年8月底止2026 财年第一季经调整经营利润率同比提升1个百分点，主要由东方甄选贡献。 海通国际认为，新东方-S在包括K12及海外业务在内的各个细分领域均处于领先地位; 除此之外，公司 生成式AI在课件自动生成、名师数字分身及作业批改等场景的落地，将同步提升转化效率和内容质 量，帮助公司提效以及业务聚焦。此外，公司已宣布三年股东回报计划，派息率不低于50%，以2025财 年净利润3.72亿美元及当前市值计算，对应回报率约2.7%，体现了管理层对盈利的持续承诺与信心。 来源：智通财经网 新东方-S(09901)午后涨超3%，截至发稿，涨3.37%，报41.66港元，成交额1.25亿港元。 ...

消息面上，新东方-S此前发布截至2025年8月31日止第一季度业绩，2026财年第一季度的净营收同比上 升6.1%至15.23亿美元。2026财年第一季度的经营利润同比上升6.0%至3.11亿美元。2026财年第一季度 的新东方股东应占净利润同比下跌1.9%至2.41亿美元。海通国际表示，新东方-S在2025年8月底止2026 财年第一季经调整经营利润率同比提升1个百分点，主要由东方甄选贡献。 海通国际认为，新东方-S在包括K12及海外业务在内的各个细分领域均处于领先地位; 除此之外，公司 生成式AI在课件自动生成、名师数字分身及作业批改等场景的落地，将同步提升转化效率和内容质 量，帮助公司提效以及业务聚焦。此外，公司已宣布三年股东回报计划，派息率不低于50%，以2025财 年净利润3.72亿美元及当前市值计算，对应回报率约2.7%，体现了管理层对盈利的持续承诺与信心。 智通财经APP获悉，新东方-S(09901)午后涨超3%，截至发稿，涨3.37%，报41.66港元，成交额1.25亿港 元。 ...

海通国际又指，公司已宣布三年股东回报计划，派息率不低于50%。以2025财年净利润3.72亿美元及当 前市值计算，对应回报率约2.7%，体现了管理层对盈利的持续承诺与信心。 海通国际表示，集团在今年8月底止2026财年第一季经调整经营利润率，同比提升1个百分点，主要由东 方甄选贡献。但11月底止第二财季，公司将放缓教学中心扩张、提升存量利用率并全线提效，叠加去年 低基数，该行预计集团2026财年第二季度利润率再扩2个百分点，但明年5月底止下半财年因留学不确定 及K9竞争，环比取保守态度，预计同比改善0.3至0.5个百分点。全年度经调整经营利润预计6.5亿美元， 对应利润率12.1%。 智通财经APP获悉，海通国际发布研报称，首次覆盖新东方-S(09901)，认为该公司在包括K12及海外业 务在内的各个细分领域均处于领先地位; 除此之外，公司生成式AI在课件自动生成、名师数字分身及作 业批改等场景的落地，将同步提升转化效率和内容质量，帮助公司提效以及业务聚焦。海通国际给予 2026财年18倍市盈率，予新东方H股目标价49港元，首次覆盖予"优于大市"评级。 ...

集团在今年8月底止2026财年第一季经调整经营利润率按年提升1个百分点，主要由东方甄选贡献。但11 月底止第二财季，公司将放缓教学中心扩张、提升存量利用率并全线提效，叠加去年低基数，该行预计 集团2026财年第二季度利润率再扩2个百分点，但明年5月底止下半财年因留学不确定及K9竞争，环比 取保守态度，预计按年改善0.3至0.5个百分点。全年度经调整经营利润预计6.5亿美元，对应利润率 12.1%。 海通国际发表研报指，首次覆盖新东方，予其H股目标价49港元及"优于大市"评级，认为该公司在包括 K12及海外业务在内的各个细分领域均处于领先地位；除此之外，公司生成式AI在课件自动生成、名师 数字分身及作业批改等场景的落地，将同步提升转化效率和内容质量，帮助公司提效以及业务聚焦。 ...

Core Viewpoint - The stock of Industrial Securities has shown a mixed performance with a year-to-date increase of 8.60%, but a decline in the recent trading periods, indicating potential volatility in the market [1][2]. Financial Performance - As of September 30, 2025, Industrial Securities reported a net profit of 2.52 billion yuan, reflecting a year-on-year growth of 90.98% [2]. - The company has distributed a total of 10.69 billion yuan in dividends since its A-share listing, with 4.66 billion yuan distributed over the past three years [3]. Stock Market Activity - On November 24, the stock price reached 6.69 yuan per share, with a trading volume of 312 million yuan and a market capitalization of 57.77 billion yuan [1]. - The stock has experienced a net outflow of 548,800 yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 207,300, while the average number of circulating shares per person increased to 41,654 shares [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].

责任编辑：小浪快报 截至9月30日，兴业证券股东户数20.73万，较上期减少5.68%；人均流通股41654股，较上期增加 6.02%。2025年1月-9月，兴业证券实现营业收入0.00元；归母净利润25.21亿元，同比增长90.98%。 分红方面，兴业证券A股上市后累计派现106.90亿元。近三年，累计派现46.63亿元。 机构持仓方面，截止2025年9月30日，兴业证券十大流通股东中，中国证券金融股份有限公司位居第四 大流通股东，持股2.14亿股，持股数量较上期不变。香港中央结算有限公司位居第五大流通股东，持股 1.80亿股，相比上期减少1.46亿股。国泰中证全指证券公司ETF（512880）位居第六大流通股东，持股 1.79亿股，相比上期增加7201.09万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股 1.17亿股，相比上期减少564.48万股。华宝中证全指证券公司ETF（512000）位居第十大流通股东，持 股1.16亿股，为新进股东。 11月21日，兴业证券跌5.07%，成交额10.70亿元。两融数据显示，当日兴业证券获融资买入额1.16亿 元，融资偿还1.17亿元，融资净买 ...

Core Viewpoint - The stock price of Industrial Securities has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 9.74%, indicating volatility in market performance [1]. Financial Performance - As of September 30, 2025, Industrial Securities reported a net profit of 2.521 billion yuan, representing a year-on-year growth of 90.98% [2]. - The company has cumulatively distributed dividends of 10.69 billion yuan since its A-share listing, with 4.663 billion yuan distributed in the last three years [3]. Shareholder Information - The number of shareholders decreased by 5.68% to 207,300, while the average circulating shares per person increased by 6.02% to 41,654 shares [2]. - Major shareholders include China Securities Finance Corporation, holding 214 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 146 million shares [3]. Market Activity - The stock's trading volume was 196 million yuan with a turnover rate of 0.33%, indicating moderate trading activity [1]. - The net outflow of main funds was 34.2652 million yuan, with significant selling pressure observed [1].

Core Insights - On November 17, 2023, Industrial Securities experienced a decline of 1.16% with a trading volume of 466 million yuan, indicating a negative market sentiment towards the company [1] - As of September 30, 2025, Industrial Securities reported a net profit of 2.521 billion yuan, reflecting a year-on-year growth of 90.98% despite having zero operating revenue for the same period [2] Financing and Margin Trading - On November 17, 2023, Industrial Securities had a financing buy-in amount of 77.7096 million yuan and a financing repayment of 80.2739 million yuan, resulting in a net financing outflow of 2.5643 million yuan [1] - The total margin trading balance for Industrial Securities reached 2.124 billion yuan, with the financing balance accounting for 3.59% of the circulating market value, indicating a high level of leverage [1] Short Selling Activity - On the same day, Industrial Securities saw a short selling of 93,700 shares, amounting to 640,900 yuan based on the closing price, while the short selling balance stood at 2.7654 million yuan, also reflecting a high level of activity [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for Industrial Securities was 207,300, a decrease of 5.68% from the previous period, while the average circulating shares per person increased by 6.02% to 41,654 shares [2] - The top ten circulating shareholders included China Securities Finance Corporation, holding 214 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 14.6 million shares [2] Business Overview - Industrial Securities, established on May 19, 2000, and listed on October 13, 2010, operates in various sectors including wealth management, institutional services, proprietary investment, and overseas business [1] - The revenue composition of the company includes proprietary investment (32.21%), securities and futures brokerage (30.96%), asset management (26.54%), and other services [1]